Trade And Currency Question Preview (ID: 10642)
Review Questions On Trade Barriers, Economies, And Currency Exchange.
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How do trade barriers hinder voluntary trade from occurring?
a) Builds a wall around a country.
b) Currency can not be converted.
c) Effects the price and availability of goods.
d) Makes traveling to countries easier.
What are trade barriers.
a) Limits on trade between countries.
b) Speed bumps in the parking lot.
c) Private citizens and corporations.
d) The literacy rate of a population.
Why do countries have to exchange currencies when trading with other countries?
a) To make the money worth more so the buyer can buy more goods.
b) So the buyer has the same currency as the seller.
c) To confuse the seller so he lowers his prices.
d) So that the bank can make more money.
Who make the currency exchange for countries?
a) The buyers next door neighbor.
b) The fish seller at the market.
c) The Customs officer at the dock.
d) A bank that deals in currency exchange.
What are tariffs?
a) Goods sold by Cuba.
b) Taxes on goods and services.
c) Services done by buyers and sellers.
d) A dessert sold at a fine restaurant.
What is an embargo?
a) A free trade zone.
b) A trade ban placed on a country.
c) The money used to purchase goods.
d) A limit on the number of goods sold.
Why do countries impose quotas on goods and services?
a) So that citizens have to buy more goods and services locally.
b) To help other countries sell more goods and services.
c) To make it harder for citizens to shop.
d) So that countries can make a larger profit from their foreign neighbors.
Trade it the voluntary exchange of what?
a) Money and coins.
b) Fruits and vegatables.
c) Goods and services.
d) Socks and shoes.
What is currency?
a) The money people use to purchase goods and services.
b) The soap a person buys from the laundry mat.
c) Christmas decorations purchased on the internet.
d) Food from countries in the Middle East.
Why don't the countries in the European Union have tariffs?
a) The do not trade with one another.
b) It is a free-trade zone.
c) All of the countries have the same goods and services.
d) The Eurpean Union does not have the currency for tariffs.
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